Chinese mainland robovan operator Zelos Technology is planning an initial public offering in the Hong Kong Special Administrative Region that could raise about $600 million, according to people familiar with the matter.

The company formally known as Jiushi Suzhou Intelligent Technology Co is in discussion with banks for a potential listing, the people said, asking to remain anonymous because the information isn’t public.

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Deliberations are ongoing and details such as the size and timing of the offering could still change, the people said. A representative for Zelos didn’t respond to a request for comment.

Zelos supplies L4, or highly autonomous, delivery trucks. Alibaba Group Holding Ltd’s logistics arm Cainiao this year became a shareholder in the firm through an undisclosed cash injection.

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Founded in 2021, Zelos is one of the world’s largest robovan operators, running a fleet of more than 25,000 units across the mainland. It also operates in parts of Southeast Asia and the Middle East, including Singapore and the UAE.